Cryptocurrency Forecast for the week of October 11-17
11.10.2021 | auglovoi
The last seven days have again passed for cryptocurrencies in growth trend. Bitcoin and Ethereum showed good increase, however, the rest of the coins were not so optimistic. And the reason for it is very simple — a large transaction to buy bitcoin. What will follow after it?
Speaking of bitcoin, we can expect a pullback to $53,000, from the current $56,600. At this point, the capitalization of the first cryptocurrency exceeds one trillion dollars, which is a psychological barrier. After that, we can expect some rebound to the current levels, but there are currently no prerequisites for consolidation and further growth above $ 57,000. Many traders will massively fix profits on the technical resistance of about $58,000, which will not allow digital gold to show growth in the near future.
Ethereum also grew, but not at such a pace. If bitcoin has risen by 18% in the past seven days, then the second largest cryptocurrency by capitalization is only 6%. This shows that a number of investors, having seen the growth, decided either to increase their positions in digital gold by diversifying their investments, or used them to buy some derivative assets. There is also no need to wait for rapid growth, but there is also no need to wait for rollbacks. For the next week, we should expect an increase to the level of $ 3,600-$3,700.
But it is worth bearing in mind that another big deal can shake the course in any direction, and therefore it is necessary to treat trading responsibly. But if your goal is long-term investments, then you should not expect large corrections, yet the medium-term forecast indicates further steady growth.
These articles are not instructions for investment, they do not give any guarantees and are provided for informational purposes only.